That kind of growth would mean rapid obsolescence of existing production methods, which means you lose a lot of the efficiencies of long-term investments in durable capital. Then you have all the information frictions.
In a radical scenario, like Ron Paul being president and eliminating all government interventions, I wouldn't be surprised to see a few years of growth like that but they would also be following an enormous economic correction.
No, I think it's very far-fetched.
That kind of growth would mean rapid obsolescence of existing production methods, which means you lose a lot of the efficiencies of long-term investments in durable capital. Then you have all the information frictions.
In a radical scenario, like Ron Paul being president and eliminating all government interventions, I wouldn't be surprised to see a few years of growth like that but they would also be following an enormous economic correction.